A large segment of Americans say they can imagine a day when Social Security no longer exists.
More than 4 in 10 Americans — 42% — share such concerns about the nation’s retirement program, according to a survey of 2,740 U.S. adults for Northwestern Mutual’s 2023 Planning & Progress Study.
The demise of the Social Security program would be catastrophic for millions of retirees. Those surveyed say they expect Social Security to provide 28% of their retirement money. That trumps the role of personal savings (22%) and equals that of retirement savings (28%).
Younger generations appear to be especially pessimistic about Social Security’s future. Millennials expect the program to provide 19% of their retirement funding, while members of Generation Z members think they will get just 15% of their retirement funding from Social Security.
Given that 40% of both millennials and Gen Z members expect to live to age 100, the prospect of maintaining a retirement without Social Security is especially daunting.
Should you worry about the future of Social Security?
There is no doubt that many Americans are anxious about Social Security’s future. But should they be?
A few years ago, Money Talks News founder Stacy Johnson addressed this very question. His take on the future of Social Security is optimistic:
“Social Security is highly likely to be around when you reach retirement. The reason is simple: There will always be a monster group of voters like me — I’m 63 — who can see the light at the end of the tunnel and will be super unhappy if we don’t get anything out of a pension we paid into for more than 35 years.”
However, Stacy acknowledged the program may look a bit different in the future. For more on what he had to say, check out “Will Social Security Still Be There When I Retire?”
More recently, Stacy addressed aspects of the nation’s retirement system in a podcast episode, “Got Social Security Questions? Here Are Some Answers.”